Home / TIPS / MTECHTIPS:-Oil extends gains after data shows big drop in U.S. crude, gas stockpile

MTECHTIPS:-Oil extends gains after data shows big drop in U.S. crude, gas stockpile

MTECHTIPS:-Oil extends gains after data shows big drop in U.S. crude, gas stockpile

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MTECHTIPS-Oil prices rose to the highest levels of the session in North American trade on Wednesday, after data from the U.S. Energy Information Administration showed a large drop in domestic crude and gasoline supplies. The U.S. West Texas Intermediate crude August contract was at $47.16 a barrel by 10:35 AM ET (1435 GMT), up 76 cents, or around 1.6%. Prices were at around $46.66 prior to the release of the inventory data Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London rose 79 cents to $49.61 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 4.7 million barrels in the week ended July 14. Market analysts’ expected a crude-stock decline of around 3.2 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of 1.6 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 2,300 barrels last week, the EIA said. Total U.S. crude oil inventories stood at 490.6 million barrels as of last week, which the EIA considered to be at the upper half of the average range for this time of year

 

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